To use your drill press safely, you need to adjust the speed based on the type of bit being used, the size of the bit, as well as the hardness and type of material being drilled. Here's a link to a great sheet (it's a PDF that you can print out) that gives the correct speed for a wide variety of drill bit types, wood types, and metals: http://images.meredith.com/wood/pdf/drill-press-speed-chart.pdf. It's the most complete drill press speed guide that I've found.

drill press speed guide